Foreclosure activity default notices, scheduled auctions and bank repossessions in California continued to plunge dramatically in February, according to a report released today by Irvine-based RealtyTrac.
RealtyTrac's monthly foreclosure market report said foreclosure filings were reported on 18,003 California properties last month, down 62.8 percent from February 2012. January's total of 18,093 distressed properties was down nearly 65 percent from January 2012.
RealtyTrac again tied the steep declines to the "homeowner bill of rights," the state legislative package that took effect Jan. 1.
That package codifies some changes agreed to in last year's $25 billion national mortgage settlement, negotiated between federal and state attorneys general and five major lenders, including Bank of America and Wells Fargo. The changes apply to all lenders in California, and extend protections beyond the settlement's 2015 end date.
Nationally, Realty-Trac said foreclosure filings were reported on 154,281 properties in February, down 2.2 percent from January, and down 25.4 percent from February 2012.
Call The Bee's Mark Glover, (916) 321-1184.